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Tommy Hilfiger Turns Hotelier

Fashion designer Tommy Hilfiger has bought the Raleigh Hotel in Miami's South Beach.

Following in the footsteps of Versace, Armani and Bulgari, the American clothing mogul reportedly purchased the Raleigh Hotel for $70 million in 2014 and plans to convert it into a membership-based luxury hotel.

'It's a dream come true for me,' Hilfiger told CNN Money. 'I thought for many years it would be exciting and challenging to find the perfect location, the perfect hotel, and to bring it back to its original glory and charm. And I found that with Raleigh.'

The budding hotelier intends to expand the size of the current rooms, taking the hotel from 109 rooms down to 88 rooms offering exclusive benefits to those who pay a yearly fee. There are also plans to open similar hotels in other cities.

Renovations are set to begin at the end of this year and are estimated to take 18 months.